rim flashing muscles today; right? up over 6% as you noted. blackberry, everybody's waiting for that in january, and it continues to rise. a lot of people loaded up, and a lot of people are hot on it. david: not all financial z as well as morgan stanley because they got the news of a stock buyback, at least try to do. >> right. they have not done one since 2008, and now there's a possible regular system to do so. david: up 5% on morgan stanley. liz: they needed it. a rocky year for them. david: all embassies in the green today, good day to be a trader. nasdaq up over 1%, dow jones, didn't get in the triple territory at the end of the day, but it was for part of the day and ended up a healthy 79 points. s&p up a little more percentage-wise, but nasdaq, and apple part of the picture and tech stocks doing well also and

russell 2,000, small and mid size caps all good. liz: today's rally started overseas as european markets had a string of gains. big winner? germany's index at levels not seen in five years. investor sentiment in the country rose more than expected. the five year chart, and as you can see, best thing, getting close to the five year level. david: gold coins flying off the shelf, you read about that, trading in spot gold is not following suit. it is down today, a little bit, but when you think of all the progress made by the gold coin sellers, you'd think that would have a pop on the overall price of gold, but not so. liz: under the radar technology etfs that out performed. internet index fund, moving higher, top holdings, google, amazon, and ebay, and the tech fund, ign, top holdings here,

you may own them, cisco, qualcom, a gain of more than one point. david: more than a stock market, there's a lot of things today, very interesting lineup of guests, big labor, obviously, about to take a devastating blow in michigan, on the verge of becoming a right-to-work state. the man poised to make it happen, putting pen to paper signing the bill into law. governor rick snider. he's going to be joining us live from the office in the state capitol. don't miss this. liz: dangerously close to going over the cliff. you know the date, december 31st. coming up, exclusively on fox business, former treasury secretary paul o'neill as sides dwindle own spendings, he has what needs to be done to get budget under control, easy ways to cut it and who should carry the burden. david: before the busy hour, what drove the markets with today's data download.

stocks pushing up for hopes of a deal in the beltway. all three indexes in the green, hosting the three straight day of gains, s&p higher for the first time in two weeks. technology and health care led today's gainers. well, oil posting its first gain in six sessions today, edges higher after prices fell 4% over the past five trading sessions. crude closing the day up 23 cents a barrel at $85.79. u.s. small business sentiment plunging in november to the lowest level in nearly three years. national federation of independent businesses saying the index fell more than five points last month to 87.5, and 37% of business owners expect future business conditions to be worse than current conditions. liz: we have larry in the pits the chicago exchange, and no matter what happens, there's going to be a market that

slamp slump, and why stocks could rise ten points next year. starting with larry at the c measuring e. you know, nobody's mentioning that the feds started a two-day meeting here. that's not a big issue. europe, though, are we seeing signs of stress again with the concerns about leadership in italy, and problems in greece, and should we pay attention to that than the fiscal cliff discussions? >> well, you know, right now, doesn't seem like the market is paying attention to that right now. it reminds me a lot of september, before the election, when the s&p's rallied. everything was con taped. we were worried about central bank, liquidity, numbers okayed here, heating up in china. people thought europe was contained, and it feels that way now. people looking past the headlines whether it's the fiscal cliff or europe. i mean, there's a lot of doom day sayers out there, and it makes sense, but it seems like everything right now is

contained, and the trade is up to the upside. david: right. liz mentioned the fed decision coming up, should be hearing about it tomorrow. what's the market expecting from the fed? in what way will they be excited or disappointed? >> well, i think the market, if you look at the options market, the flows into the ten year treasuries, it's implying 85 billion per month. the reason i say that is right now, deals, what, 165 #, if that was not the case, yields should be up 180, maybe 183 right now so all the flow right now is pointing to 85 or 90 billion per month. liz: okay. none of us is going to fight the tape here, larry. we'll talk to you in a moment when the s&p futures close, but in the meantime, going to the panel, daifd. david: sam, chief equity strategist, and charles bitterman, trim tabs investment ceo and portfolio manager. sam, you first. you reminded us that gdp is slow

in the first year of a presidential term, whether it's a re-election or not. probably happen this one as well. how much longer can the market s grow double digits with the gdp flat? >> our gdp is flat, but 50% of the revenues for the s&p come from overseas operations -- david: they do worse. >> looking at 8% growth, expected for 2013 in china, many of the emerging markets so, you know, as a lot of the ballplayers say, go with the action is which is in the emerging markets. we are a low-flying economy that's susceptible to downdrafts, and the fiscal cliff could provide that, but evaluations point to under evaluation at 15% and 20%. liz: charles, you got the bear claws out. i know you are cautious on a regular basis. we've known each other a long time, but, look, it's obvious that the headline risk is high closer and closer to the cliff,

but let's say we get a deal or don't. you say we'll see weak equities in 2013, why? don't you have faith we're starting to see recoveries in the housing markets, certain metrics better. >> well, take home pay -- after tax income is up $300 billion this year over last year. 6.6 trillion in aggregate. how much taxes go up? a hundred bill, 500 billion? how can you have economic growth if the tax increases take away almost all the gain this year? now, also, know that the 300 billion gain cost the economy over a trillion dollars in subsidies. we have deficits and fed printing money of over a trillion dollars, all of that generated a 300 billion gain. ineffective and inefficient, but looks better than no gain, i guess. what i see next year, liz, only

one economic stimulant i see, and that's sandy rebuilding. the realtime data shows a pickup in incomes since middle of november and jobs grew faster than the fake number the bls puts out. we see very little growth next year assuming any income tax at no growth, if a lot of income taxes go up, and how do you have a 15pe in an economy not growing? doesn't make sense to me. david: okay. believe it or not, this guy has stock picks. well get to them in a second, charles, but sam, an analysis as dreary as that, does that headache you rethink your own analysis? fighting that or are you going with the trend of the market do you think? >> well, david, any time i hear commentary from a smart individual like charles, i look to my data again. my belief, though, is that we are on an upward trajectory, and this is all the reason why those

in congress have to be careful not to embrace the austerity program too tightly because that could have a dell tear yows effect on our growth. david: higher taxes or lower government spending hurt worse? >> hurt me both. >> i think -- >> go ahead. >> lower government spending will probably help the economy. i think the government probably gets 30 cents worth of effort or accomplishment of each dollar cents. liz: charles, you like gold, large cap technology names, but names specifically now, amazon, apple, whole goods is a -- >> bhoal -- whole foods. >> whole foods, sorry, and salesforce.com. >> yes, i like companies that are gaining market shares -- huge increases in free cash flow, and as long as they grow the fastest in their industry and the industry leaders i like

to ride them as long as i can regardless of the economy. david: sam, health care. obviously, the rsms -- republicans did not win the presidency, a rollout of the new health care law. that area, that sector is one that you think is right for investment. >> that's right. we like the health care group. feeling is expecting to see an improvement in overall earnings growth, actually, probably starting to see a pickup in the major pharmaceuticals which is the largest group in the health care sector, but we also acknowledge that we are in what i call the cyclical fix, the favorable six-month period for the market in which the cyclical sectors like industrials and consumer discretionary are expected to be outside performers. david: okay, sam -- by the way, charles, you said something provocative. you think numbers jiggered at the end of the presidential race? >> i think the government committee committed financial fraud.

there's realtime information available in withholdings. the government refuses to use it. i did a piece in "the financial times," and they don't want to address the fact they ignore realtime data using surveys and technology from the 60s and 70 #s to come up with estimates at a time like this when we need to know what's going on in our economy. liz: by the way, that acquisition has been leveled adam: mrgses from both sides of the aisle in many years. david: it has, and as soon as we have more evidence, we'll bring it to you. thank you. >> i have the evidence. david: i saw the piece in the fc, a very provocative piece with the evidence. thank you, guys. liz: sam, good to see you as well. >> thanks, liz. liz: searching for a compromise on civilling the nation's debt crisis, we have someone who says it's not about raising or lowering taxes, but the answer lies in the tax code itself. former treasury secretary on just who should bear the biggest brunt joining us exclusively. david: also, michigan, imagine,

the home of the united auto workers about to become the 24th state to be a right-to-work state. all that's needed now is the governor's signature. that should come tomorrow, but coming upright here, michigan's governor, rick snyder, on the news causing a big stir in what was a union stronghold. liz: less than three weeks less for congress to agree on the fiscal crisis. any signs democrats and republicans are moving closer to middle ground? rich edson sitting down with the new chair of the house financial services committee. ♪ [ male announcer ] this is steve.

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liz: breaking news on dupont, back to nicole on the floor of the new york stock exchange. >> breaking news that's pushing the stock up 3% after hours. this is where it closed today at 4 p.m.. this is dupon here. closing up 1% at 43.69, but as i noted, moving up in the after

hours. unvailing a $1 billion share buyback, also giving us guidance here going into 2013, and talking about growth and this is looking good here, folks, and this is why we are seeing this dow component, this chemical maker, liz and dave, moveing to the upside dramatically. it's breaking news, and as we noted, announcing a share buy back of the company stock, something that they talk about, the fourth quarter performance, expected at the high end of the previous guidance. this is basically saying dupont saying, we're doing great, giving nice numbers here, and as a result, the stock's jumping. back to you. liz: thank you, nicole, very much. david: s&p futures closing now, back to lair at the cme. what do you think? >> what i sense is an interesting fact behind me, closing exactly where we were right before the election, and we fell, as you know, we fell

6.5% and rallied since then. what's the moral of the story? we had time to digest obama's misguided policy and adjust the cliff with the hill, and the market marchs on. twelve reasons the market will go down, but concentrating on multiples, the market's healthy, and the trade pain is on the upside. david: don't fight the market or your ideological beat the system. liz: true, thank you, lair. david: capital hill less than three weeks for a solution to the crisis. any republicans republicans can make in the talks to get close to a deal or concessions from the president for that matter. liz: someone who could have a key understanding on what republicans are willing to accept is a member of the deficit supercommittee in the newly named house of the financial house services committee, rich edson got a chance to sit down with them,

and he joins us from capital hill. >> thank you. you look at the process, think maybe there is some movement this weekend, the president and the speaker met, no deal. house speaker john boehner saying he wants the president to get serious. he wants a counter offer to the republican offer. there's been no noticeable movement on this in the last couple weeks, and for republicans, and the chairman, he says, look, republicans have bent on taxes. >> in some form or fashion, it's written into current law, unless he changes his mind and as an epiphany he'll have tax revenues, not destaining my best efforts in getting it. >> the president, unlike any other party in the negotiations, put forward detailed spending cuts as well as detailed revenue proposals. >> that's where they are stuck. republicans say want spending cuts in exchange for $800

billion in increased revenue, and the democrats in the white house say we need to know from you, republicans, what spending cuts are on the table, but first thing to do is raise revenue and rates on those earning more than $250,000 a year, and, guys, we are getting close to the point now where congress has to write a bill or agreement they reach, getting down to the wire here. not like you can pass it in a couple days, but could take a week to get it through the house, to the senate, and they are still stuck on base basically the two offers talked about the last couple of weeks. back to you. david: offers is one way to put it. reid said we're probably not going to get a deal before christmas, and a lot of people suggested if it's not before christmas, it will go after the new year, and, of course, that's after the fiscal cliff. rich edson reporting from washington. thank you very much. liz: david, the news changes, and day-to-day, breaking news now, adam on dish. >> yeah, move over verizon, at&t, with the dish of dish if you want a new cell phone

company. three of five fcc commissioners approved a rule change as of today, and it would allow support for the dish speck rum rule change for a wireless network. dish could then, perhaps, as sale at capacity for the u.s. market so the fcc, looks as if is clearing the way for dish. back to you. david: boy, a more ever-crowded market in the cell field. competition is good for consumers, not a bad thing. thank you very much. liz: washington, still, as you know, not coming to a solution on the fiscal cliff with the clock ticking louder than ever. coming up, we are joined exclusively by the former treasury secretary paul o'kneel and how he would solve the crisis. david: big labor taking a big hit, right it work bills sent to the governor's desk who is joining us live after the break. ♪ ins. i didn't see them coming.

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liz: time for a quick speed read. other top headline, five stories, one min. hsbc paying $1.29 billion fine to settle a multiyear probe. the u.s. justice department saying the bank failed to endorse rules to prevent laundering of criminal cash. 49% stake in virgin atlantic airways for $360 million. they begin a joint venture on daily round trip flights between the the u.k. and north america.

direct tv charging $3 more a month for sports network for those who want packages above the lowest tier. the 20 # 13 l.a. dodgers set to have the largest opening day payroll in major league baseball history with a recent report saying the payroll is more than $220 million beating out the previous record held by, yes, 2008's david's new york yankees, and speaking of the yankees, dropping stubhub as the retailer of choice. the refusal to set a price floor for transactions prompted the team to opt out of the deal, and, yes, i blew it. you heard the buzzer. david: oh, you were close. we've seen images of angry protesters in michigan heating up all over michigan, but despite the push back, the house there approved a right-to-work bill that governor rick snyder prepared to sign tomorrow. the governor joining us now from

lansing. i know you are busy, seen the video all day, questions on what the law and what it is not, and the president weighed in on his version and i'll play what he says and want your reaction to it. >> what we shouldn't do, i just got to say this, what we shouldn't be doing is taking away your rights to bargain for better wages and working conditions. david: "trying to take away your rights to bargain" is what what the bill is? >> not at all. it has nothing to do with collective bargaining. i believe in collective bargaining. this is about worker freedom, the union and workers, and this is a situation in which we're giving workers better freedom to choose than not have their dollars go to the union if they don't see value. in fact, i don't view it as anti-union, but the unions to accept up and why they add values to workers when workers see the value, sign up, and if you don't, hopefully unions are

more responsive. secondly, it brings jobs to michigan, more and better jobs to the state. david: well, when you have the president of the united states misdescribing it, according to you, that could possibly be one of the reasons why tempers have become inflamed. we have some people calling for blood or using that rhetoric, state representative doug reece talking about that in the legislature. play a sound from that. >> we're going to pass something that will undo a hundred years of labor relations, and there will be blood. david: "there will be blood ," and the mayor saying similar things. any kind of evidence of the coordinated everyday of violence in the state? >> those comments are not proposal. the union has done a lot of things in michigan. the labor movement, the 20s, 30s, and 40s, people flocked to

the union because they did great things with wages, working benefits, all of those things, but today, shouldn't they show that value proposition today? if they don't, we can't tell workers to give their hard earned dollars to an organization that's not helping them, and so this is about being pro-workerrings giving them the freedom to choose. david: have you reached out to the president to say specifically, mr. president, you are misdiagnosing what our solution is to the problem? >> well, we've been active in michigan having that dialogue. i talked to labor leaders. to put in perspective, again, it's pro-worker, not antiyiewn you know about giving workers the freedom to choose, and then, again, look at the experience in indiana, which did similar legislation back in february, they got thousands more jobs coming to the state because businesses are looking to right-to-work states, and so it's an added benefit for workers and yiewns in the state to say more jobs will be here in michigan. david: looking now of video of

what happened today. again, the question of who started what is always open for discussion, but it got violent. i just wonder if these are local union leaders that are insighting violence episodes or folks from outside? >> yeah, there was no major violence today at all. there were a lot of people coming in from out of state on this particular one, but i think in the whole, people behaved well, a few instances of trouble, but that's behind us. the legislation has been passed, coming to the desk, and i look forward to signing it to create more and better jobs for our citizens. daifd daif michigan has one the highest jobless rate in the country, over 9% if i'm not wrong, how much do you think the bill goes in bringing in more jobs into the state? >> well, the indiana case, several thousand jobs, and it adds up. we're the com back state in the united states already. we have the six fastest growing

economy the last year, and many other good things go on, and that continues the path in turns up companies more jobs and expansions to michigan. david: you were very successful businessman, involved with gateway computers, a venture capital firm. is there anything that you can use from your business experience that's helping you in what you do now? >> oh, absolutely, it's about servicing the customer. it's about customer service, and that's what this is all about. it's about helping our citizens, my customers, find more and better jobs and a future for their kids and focusing on that. that's why i don't fight with other politicians, other levels of government because that adds no value. the focus of all of us in the public sector is how to get best services to the citizens, and by giving workers more choice, that's a key element. david: governor, you are going to be signing to get it on the record, signing both bills tomorrow; right? >> as soon as i get the bills, i'll make a review and signing

them. david: governor rick from michigan, governor, thank you for coming in. i don'ti know you are busy. >> great to be with you, thank you. david: liz? liz: good clarification. encroaching on the dreaded fiscal cliff, but a washington insider has a plan to get the u.s. budget back on track without tax hikes and way before simpson-bowles says they would do it. he says 2020. the former treasury secretary joining us live exclusively only here on fox business next. don't move. ♪ [ male announcer ] where do you turn for legal matters?

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no matter which list you're on. [ santa ] ho, ho, ho, ho! [ male announcer ] lease a 2013 c250 for $349 a month at your local mercedes-benz dealer. david: time for a look at today's market drivers. dow, s&p and nasdaq all posting gains with the s&p and dow closing up for the fifth day in a row the nasdaq posting the third gain in the past four trading days. all 10 s&p sectors ending higher, something that hasn't happened in a couple weeks. big cap tech stocks were a big driver in today's session. intel microsoft were among the best performers on the dow while ibm was the second biggest point contributor to the dow. apple was one of the top 10 performers on the nasdaq, pushing that index to more than 1% gain. big driver in the commodity

pits was wheat t tumbled to a five-month low after a government report shows global inventories will shrink easing concerns that droughts were creating a shortage. liz: we're days away, david, like we need to remind people? no, we've been telling you every single day about the series of tax hikes that will affect all of us if washington doesn't act before the end of the year. david: joining with us a fox business exclusive with one thing that can solve the crisis, former treasury secretary paul o'neill. before we get to that, i want to tease the audience. we'll look what happened on spending. we're focused on taxes but let's talk about spending. we had stimulus in 2009. $800 billion stimulus. supposed to be one-time shot. 2008 to 2009 you see $800 billion increase but then it stays it never goes away. 2010, 2011, 2012. it is all that $800 billion has become the new baseline. shouldn't we start right

there and say, stimulus supposed to be one-shot deal, not for four years in a row? >> well, i agree with you, but i believe in principle doesn't have any traction in washington these days, which is this. we the american people should say and act on the idea that we will pay for the things we want and need. david: there is novelty. >> in society, right? that should be our target, right? in all this information conversation going on that is not really on the table, right? so everybody's rushing to simpson-bowles, a really good answer. so the simpson-bowles would balance the budget next time in 23 years. david: a long time away. >> does that seem like responsible thing for an adult society? liz: people, networks all over the place are lionizing simpson bowls what they came up with. their efforts certainly should be applauded because somebody put something together but do you feel there is overstated and there is much better way of doing it and if so, what is

the one thing? >> you know, here's the one thing. we need a leader who tells the american people aspirational goals. so aspirational goals, we the people should pay for the things we want and need. and then, he should say, we need to do the things we do in the most intelligent, efficient way possible. so then he should turn his attention to the tax system and say, here are a couple of facts people need to know. right now the tax gap, that means the money we're not collecting, that in theory is due and owing we're not collecting every year is $400 billion a year, right? the combination of fraud and incomprehensible tax laws. 400 billion a year. all right? for a long time we've been doing that. then, you know how much it cost us to administer the society the current tax system? $436 billion a year. to raise $2.5 trillion.

now, $800 billion seems like a huge hole to me in the mental power we bring to the question of how do we raise the revenue we need as a society. so here's another principle i think the president should say. a tax system should be used to raise the revenue we need to pay for the things we want, and need as a society. not for anything else. liz: but who should it come from, paul? that is what everybody is talking, tax the upper level. >> it should come from a progressive value-added tax. we had to scrap the personal income tax and the corporate income tax and the payroll taxes and we ought to use a powerful, efficient, raiser want and need. liz: you don't think that would hurt consumption and then hurt businesses and in doing so? >> we need to raise, first we have to go back to

principle one. are we going to raise the money we need? will we do it in the most efficient way? the most efficient way, bullet-proof hard to avoid and evade is value-added tax. david: hold on a second, paul. that is precisely the reason why milton friedman, among others didn't like it. they said it is an impossible tax to get away from, that makes it so much easier for politicians to continue jack it up. you look what is happening in europe, in france, in italy. in all of the countries suffering the most right now in terms of growth they have just jacked up their value-added tax to 25%. >> okay. so here's principle i think we need to draw in the sand. we should not have an ad-on, value-added tax. we should have a replacement value-added tax. david: don't put it on top of what we have? >> they have got value-added taxes but have every other imaginable tax and the national sport in italy is not paying taxes right? david: let me just, the

president has weighed in on what he wants to do in order to change the tax code. he did it about a year ago. let's play that sound and get your reaction to it. >> i've said i will work with republicans on a plan for economic growth, job creation, and reducing our deficits, and have some compromise between democrats and republicans. i understand, you know, people have a lot of different views. i'm willing to compromise a little bit. david: that is not what i was referring to. what he said a year ago is this. give us 1.72 trillion in additional revenues which could be accomplished without hiking tax rates but could simply be accomplished by eliminating loopholes. that is what republicans are saying now. the president said a year ago exactly what republicans are asking for right now. why don't they come to an agreement? >> good. i love that alot. you brushed aside my $400

billion worth of tax gap and trillion dollars worth of administering in inefficiency administering the tax system. it is not okay going forward to have a system that's less than what we know would do the job in a massively better way and raise the revenue we need. then i want to go to the other side of your question of we need to do the same kind of reimagining what we're doing in spending our money. liz: i was going to say. spending cuts, what? could be specific? give us biggest bang for our buck, one thing? raising social security age? raising medicare recipient age? means testing social security? >> so, you know, hard for me to work inside the lines here. i'm like a kid with a crayon. and i don't want to work inside the lines somebody else wrote. so here's a fact for you. we're spending $2.7 trillion a year in health medical care. a trillion dollars of it is waste. so here's question.

would you rather rearrange the financial responsibility for the 2.7 trillion, or save a trillion dollars? i would rather save a trillion dollars. and if we could get the president to go on tv and say this. every health care institution in the country, a week from monday will be required to hook up the internet at 8:00 in the morning and post for everybody to see the newly acquired hospital-acquired infections identified in the previous 24 hours, patient falls that occurred in the previous 24 hours. medication errors. 300 million of them a year. liz: which all costs money. >> right? it will be out there and we can galvanize the health medical care system into eliminating this unbelievable waste, not only is waste but it kills people, right? so if we're going to put our society on a better footing, we need to pay attention to how we improve productivity, not just rearrange the chairs. so the ryan plan was about

rearranging the financial responsibility for who pays the $2.7 trillion. is that the right way to think about it? no. david: so did simpson-bowles. >> no. liz: owe kneel plan -- o'nnill page, facebook.com/afterthebell. thanks so much. david: you think outside of the beltway. that is compliment. liz: former treasury secretary paul o'neill. >> thank you. liz: honored to have you. david: one company is revolutionizing bank atms allowing customers to talk to a bank teller through a video skeen -- screen. its founder coming up. liz: using taxis for your portfolio. we'll explain later this hour. ♪ . [ male announcer ] you are business pro.

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>> i'm adam shapiro with your fox business brief. stocks rallied today over optimism a deal will be reached to avert the fiscal cliff. at the closing bell the dow finished up 78 points. lazard is latest in long list of u.s. companies offering special one-time payments or accelerated dividends before scheduled tax hikes next year. the company declared a special dividend of 20 cents a share on outstanding class a common stock payable december 27th. bank of america confirmed its website was the sight site of a cyberattack. bank of america is one of several banks targeted this week that carried out similar cyber attacks in october and associated with islamic terrorists. other banks were jpmorgan chase, pc this bancorp, and suntrust banks. that is the latest from the fox business network, giving you the power to prosper. copd makes it hard to breathe, but with advair, i'm breathing better.

so now i can be in the scene. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day advair won replace fast-acting inhalers for sudden symptoms and should not be used more than twice a day. people with copd taking advair may have a higher chance of pneumonia. advair may increase your risk of osteoporosis and some eye problems. tell your doctor if you have a heart condition or high blood pressure before taking advair. if you're still having difficulty breathing, ask your doctor if including advair could help improve your lung function. get your first full prescription free and save on refills at advaircopd.com. liz: we've been telling you

the headlines. big banks like citi, bank of america, uba announcing job cuts by the thousands. that number could rise as technology replaces the traditional bank teller. our next guest says the dynamics of bank branches are shifting. they ought to get on board with video banking which is just what his company provides. ugenius founder and ceo willl3 join us. is this like skyping with my teller? what is this. >> that is a as good a description. this is the ability for a teller to see and talk to the customer but the teller is located in video call center as opposed to being inside the branch. it has huge benefits from cost efficiency standpoint from the financial institutions. liz: you make the software. you make the hardware. if i'm a customer how do i use it? >> you go up to a device and press the start button. liz: a device you provide? >> exactly. liz: so i would have to buy it? >> exactly. liz: the financial institution representative comes up on the screen and

asks what type of transaction they would like to do while at the machine. if it is a check deposit or cash deposit the machine can accept cash. they can accept checks. and they can also dispense checks and cash directly to the customer. liz: but why do i need this, gene? let me play devil's advocate. i hop out of the car. jump to the atm. deposit my check. citibank reads your check. you don't have to fill out a ticket. you're asking me or any customer to put out money to buy this device. don't i have to do a heck of a lot of banking to do make it worthwhile? >> i think that is excellent question. consumer dynamics they're looking important access. not everybody is using atm sometimes they want to talk to the live person. personal connection in the retail bank people need to have contact with. that is really what the banks are interested in as well. that develop as relationship to other types of products and services they would want to have access to. liz: you heard the song, video killed the radio

store. will your technology kill the bank teller? >> it will not kill the bank teller. what will happen, as tellers begin consolidating inside video call centers, tellers will be repurposed to other activities. may be within the accounting function in the financial institution. or if good at sales they will be put on the sales platform. liz: how many banks have you signed up? you have a big credit organization using you at the moment but have you gotten any of the big boys? >> credit unions are by far the largest. dollar bank in pittsburgh currently using it. if you look at the pipeline next year to two years you will see a who's who list of financial institutions deploying the technology not just here in the states but canada, australia, turkey, brazil, germany. liz: how much does the device cost? >> about the same cost as full service atm. around 55 to $60,000 for the hardware and 5 to $10,000 more. liz: for the bank. >> for the bank. for you as customer, it

doesn't cost you anything. liz: got it. >> allows you to conduct the transaction on your terms. one of the unique benefits of the system instead of banking hours operating from 9:00 to 5:00 and bankers leave to go to the golf game. that is the theory. that is no longer the case but in today's environment, now a consumer can access the bank on their terms. we have a credit union up in kingston, new york, open 24 hours a day, seven days a week. talk about customer convenience. >> he is eggsly -- especially recurring transfer and can't figure it out on the website. so nice to look at that person. does it work, say, for example, a tablet with a camera on it? can i use it from any device? >> that is our next phase in fact, liz. we'll take it to the tablet environment. we'll take it to the online environment. we have another product called the smart office. they have the ability to talk to an investment rep, mortgage rep. liz: can i deposit check by showing it to the teller? >> you can do that online anyway. you can do that through a

mobile application out today. in our machine you actually scan it in and verifies the check as authentic. liz: disruptive technology it is known as. ugenius is the product. the founder and ceo, gene pranger. >> thank you. liz: david, he wasn't even a banker. david: you have to think out of the box. some investors are looking to hard assets. robert gray is here to tell us which ones and why coming next. having you ship my gifts couldn't be easier. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office.

david: more investors are looking for ways to hedge inflation adding hard assets. liz: that includes taxicab medallions. robert gray has more. >> this is public proxies for medallions. they are required to operate cabs in many large cities including new york. the meters run higher than most other asset classes for decades. >> i don't think we ever thought it would hit a million dollar price. they have gone up 15% per year for 70 years. outperforming the dow, gold, nasdaq and real estate. >> his grandfather bought one of the badges for 10 bucks. 10,000% return since 1937. look at stock when you reinvest dividends, leaving s&p 500 behind in its rear view mirror. david: what do one cost? >> million bucks for the corporate guys.

one million bucks or 700,000 for an individual. david: thanks, robert [ malennouncer ] it's tt time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you realldon't want to pay more than you have to. only citi price rewind aumatically searches for the lowest price. and if it findone, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all youeed is a magic carriage. citi price rewind. start saving at citi.com/pricerewind.